One of Cauvin, Inc.'s current clients is a start-up. The founder of the company writes business plans for a living, so naturally he wrote the business plan for his company. A key reason for hiring us was to give credibility to the overall business plan. We conducted a market analysis and provided him with a report, which he attached to the business plan.
A business plan that doesn't base its premises on solid market research does little more than speculate about:
How the company should market the product
The size of the market for the product
What the product should do
If you're a CEO, one of your responsibilities may be to pitch the story about your company's products to investors. You'll have a lot more credibility, and have a more convincing story, if you have solid market research to back it up.